After opening with a gap-down on Wednesday, massive algo buy programs likely triggered by central banks the Fed, rocketed NQ back up above 4160 key inflection price level, all the way to 4200 resistance before pulling back down to re-test broken resistance 4160 area.
NQ then rallied back up closing not far from the day high, setting up a bullish configuration for Thursday. However, decision by the ECB regarding their QE program can quickly and completely change the dynamics.
Key price level for Thursday will again be 4160. ECB decision on their QE will be one of the major factor influencing trend direction on Thursday.
-- Key resistance is 4100, a clear and sustained break above 4200 target next resistance 4280
-- Key support is 4160, lower supports are 4120 and then 4100
